14.4% – don’t expect it to get easier to get a mortgage any time soon…..
by Tom on November 20, 2009
in Market Musings, banks
This isn’t a good report. Delinquency rates are up and at the highest level since 1972 (when they started keeping track).
That means that we’re not going to see it easier to get mortgages any time soon.
On a different note – - I’m traveling today (and Monday) – out to Denver for some board meetings. I expect to have a little time to post, but not as much as usual. If I can be of assistance, call me on my cell phone at (616) 292-7559.
Tom Vanderwell
The national delinquency rate on one-to-four-unit residential properties climbed to 9.64% of all loans at the end of Q309, according to a survey from the Mortgage Bankers Association (MBA). Including the rate of foreclosures, the US serious delinquency rate is at a record 14.4%.The rate of delinquency jumped 40bp from Q209 and increased 265bp from one year ago, according to the survey. It broke last quarter’s record and stands as the highest delinquency rate since the MBA began compiling data in 1972. The delinquency rate includes loans that are at least one payment past due but not loans in the foreclosure process.
Those volume of loans that have entered the foreclosure pipeline accounted for 4.47% of all loans through Q309, an increase from 17bp from the previous quarter. Combined, all loans either in delinquency or in foreclosure reached 14.4%, the highest ever recorded in MBA’s survey.
Technorati Tags: Mortgage Delinquencies
